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CONSOLIDATED BALANACE SHEET OF SUBSIDIARIESAt December 31, 2011 and 2010(Th.CLP$)Entel Pcs Telecomunicaciones S.A. Y Filial Entel Telefonía Local S.A. Y Filiales Entel Servicios Telefónicos S.A. Satel Telecomunicaciones S.A. Micarrier Telecomunicaciones S.A.12/31/2011 12/31/2010 12/31/2011 12/31/2010 12/31/2011 12/31/2010 12/31/2011 12/31/2010 12/31/2011 12/31/2010ASSETSCurrent assets 264,915,449 227,847,436 13,611,659 13,550,150 1,491,526 1,532,697 972,219 1,212,309 392,119 300,730Non current assets 652,149,359 607,895,327 20,385,410 21,995,130 18,739 18,176 3,403,749 2,395,130 1,791,273 1,791,773TOTAL ASSETS 917,064,808 835,742,763 33,997,069 35,545,280 1,510,265 1,550,873 4,375,968 3,607,439 2,183,392 2,092,503LIABILITIESCurrent liabilities 284,786,089 314,810,684 11,753,751 13,977,789 248,616 195,851 38,939 105,657 163,912 108,267Non current liabilities 274,833,315 199,406,852 15,478,291 16,359,609 1,051,814 1,233,672 - - - -TOATAL LIABILITIES 559,619,404 514,217,536 27,232,042 30,337,398 1,300,430 1,429,523 38,939 105,657 163,912 108,267222STOCKHOLDER EQUITYPaid-in capital 128,398,586 128,398,586 29,603,142 29,603,142 1,413,277 1,413,277 3,560,075 3,560,075 4,141,580 4,141,580Other reserves (10,526,899) (47,773,888) (2,419,357) (2,419,357) (115,502) (115,502) (290,952) (290,952) (338,476) (338,476)Accrued Income (Accumulated Losses) 239,554,326 240,892,578 (20,419,768) (21,976,516) (1,087,940) (1,176,425) 1,067,906 232,659 (1,783,624) (1,818,868)Non controlling stock 19,391 7,951 1,010 613 - - - - - -Conversion reserves - - - - - - - - - -Total Liabilities And Stockholder Equity 917,064,808 835,742,763 33,997,069 35,545,280 1,510,265 1,550,873 4,375,968 3,607,439 2,183,392 2,092,503Report 2011SUMMARIZED INCOME STATEMENTS FOR SUBSIDIARIESFor the years ending December 31, 2011 and 2010(Th.CLP$)Entel PCS Telecomunicaciones S.A. y Filial Entel Telefonía Local S.A. y Fililaes Entel Servicios Telefónicos S.A. Satel Telecomunicaciones S.A. Micarrier Telecomunicaciones S.A.12/31/2011 12/31/2010 31/12/2011 12/31/2010 12/31/2011 12/31/2010 12/31/2011 12/31/2010 12/31/2011 12/31/2010Operating Revenues 974,752,094 846,594,495 48,933,015 47,984,316 2,357,847 984,968 1,111,595 1,155,359 134,273 158,193Other Revenues 14,903,178 9,683,622 (125,444) 163,286 (22,103) 164,559 24,697 35,616 78,503 55,371Salaries and Expenses (45,862,733) (44,251,501) (2,546,085) (3,262,626) (1,181,855) (85,934) - - -Depreciation and amortization (202,689,865) (168,020,594) (3,965,635) (2,962,692) - (100,273) (100,273) -Other operating expenses (567,507,673) (498,434,448) (40,385,382) (39,241,780) (1,055,086) (1,326,853) (24,675) (96,977) (199,565) (239,871)Income (loss) before tax 173,595,001 145,571,574 1,910,469 2,680,504 98,803 (263,260) 1,011,344 993,725 13,211 (26,307)Income tax (33,595,452) (21,412,557) (353,325) (770,113) (10,318) (353,892) (176,097) (159,700) 22,033 16,133Income (Loss ) 139,999,549 124,159,017 1,557,144 1,910,391 88,485 (617,152) 835,247 834,025 35,244 (10,174)Income (loss) attributable to stockholders of controllingstockholder equity139,981,504 124,156,632 1,556,747 1,910,451 88,485 (617,152) 835,247 834,025 35,244 (10,174)Incomes attributable to non controlling stock 18,045 2,385 397 (60) - - - - - -Income (Loss) 139,999,549 124,159,017 1,557,144 1,910,391 88,485 (617,152) 835,247 834,025 35,244 (10,174)EARNINGS PER SHARECommon shares 1,745,79 1,548,43 89,66 110,01 27,310,18 (190,479) 835,247,00 834,025,00 3,524,40 (1,017,4)NOTE (1): The subsidiary Cientec Computación S.A. was taken over by EntelChile S.A. on July 31, 2011, by a merger through absorption as a product ofthe company restructuring exercise undertaken by the Group, which concludedon December 31, 2011.